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In the increasingly digitized world of business, electronic invoicing is emerging as a revolutionary force. This is the assessment of the newly released report "The global e-invoicing and tax compliance report: Watch the Tornado!"
This comprehensive business intelligence report is released regularly by Billentis every couple of years.
Globally, the volume of electronically processed invoices is expected to increase dramatically, as emphasized by the report's title "Watch the Tornado". This massive compendium emphasizes the importance of both users and technical consultants staying informed and prepared for the developments we have to expect.
The report is thus authored by e-invoice pioneers Marcus Laube and Bruno Koch. For many, Koch is synonymous with the analytics company Billentis, which has been releasing industry-wide studies for many years.
The last one came out in 2019 and was called "The E-invoicing Report 2019-2025".
Multiple key areas
This brand new release identifies several key areas that are expected to significantly impact the future of e-invoicing:
- Market Growth: The e-invoicing market is predicted to experience significant growth. Forecasts indicate a sharp increase in adoption rates and market capitalization, driven by the need for greater compliance and efficiency in business transactions. The market is projected to handle around 560 billion invoices annually by 2024, of which around 125 billion are currently transmitted electronically. The market value, currently at USD 8.9 billion, is expected to rise to around USD 23.7 billion by 2028.
- Regulatory impact: Tax authorities worldwide are increasingly adopting electronic invoicing as a strategic measure to combat tax evasion. Many are introducing Continuous Transaction Control (CTC) models that enable real-time or near real-time transaction processing and auditing. Initiatives such as 'VAT in the Digital Age' (ViDA) in Europe and the wide acceptance of Peppol specifications in Asia show a growing preference for four- and five-corner models, which improve compliance and operational efficiency at the same time.
- Integrated Digital Trade (IDT): Beyond electronic invoicing, the shift toward integrated digital trade represents a comprehensive approach to automating both business transactions and financial operations. This movement is supported by government policies that require the incorporation of additional business documents and encompasses processes such as payment, invoice financing, electronic procurement, and tax automation.
- Technology integration: Emerging technologies such as Artificial Intelligence (AI) are increasingly being integrated with e-invoicing systems, offering new efficiencies and capabilities. The use of AI and blockchain, not only to comply with regulations but also to gain a competitive advantage through greater accuracy and security of transactions, is on the rise.
Decisive times
Laube and Koch underline that it is a crucial time for organizations and businesses to quickly adapt to these changes and leverage new technologies and models, which will result in increased efficiency, compliance and competitiveness in the global marketplace.
The report serves as an important tool for understanding and navigating the complexities of e-invoicing and integrated digital commerce as this practice will become standard globally.
